James Salmon, Operations Director

1 September 2023

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MPs want a crackdown on late payments

A new YouGov survey shows most MPs want tougher measures to crack down on late payments. The survey commissioned by the UK’s largest accountancy bodies – the Association of Accounting Technicians and the Association of Chartered Accountants – recently found that two-thirds of MPs think the Prompt Payment Code should be made compulsory for organisations with over 250 employees. The code is voluntary and Federation of Small Businesses research found that in every quarter in 2022, most small businesses experienced late payments.

FSB: Help SMEs with new tech adoption
The Federation of Small Businesses (FSB) has urged the Government to support small enterprises in adopting new technologies, as their research shows that these businesses have less access to government funding compared to corporate giants. The FSB’s report, titled “The Tech Tonic,” reveals that 70% of tech-savvy small ventures have integrated new tech innovations, resulting in a 15% average revenue rise. However, affordability remains a major barrier to innovation, with the average cost of introducing new technology for small firms being £27,000 over three years. The FSB urges the Government to allocate over half of direct R&D funding to SMEs and establish a tax-relief scheme for businesses actively trying to enhance their products and processes. The British Chambers of Commerce also echoes these calls, urging politicians to spur economic growth by addressing high interest rates, inflationary pressures, and other key issues.